How much would be deducted from a 2000 monthly paycheck for FICA?

already exists.

already exists as an alternate
of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

Merge this question into

Split and merge into it

Answered by The WikiAnswers® Community

Answers.com® is making the world better one answer at a time.

for fica deductions if you want your social security and medicare deductions separate its1.45% for social securityand 6.2% for medicarethe monthy total would be %149.00 a monthsigned a tenth grader in Missouri

Answer .
This will depend upon several variables such as the State you live in, the amount of pay and your companies optional elections.\n.
\nHere's few items that you can… almost always expect (unless you just make too little):\n.
\n1. Federal Income Tax - This is based on a calculation that takes into account the frequency of your pay and the amount of the pay.\n2. Medicare - This is a set amount that will always be applied to your pay.\n3. Social Security - This is a set amount that will always be applied to your pay, however it does have an annual maximum.\n4. Insurance - If you company offers health insurance and you have agreed to the terms, generally a set amount will be applied.\n5. 401k, IRA, Retirement - If your company offers a type of retirement deduction program then this amount will be applied.\n6. Uniforms, loans, etc. - Some companies that require their employees to purchase uniforms will purchase the uniforms for the employee and then charge that amount back to them at a set amount per pay check. This can be also for employer granted loans and/or to pay back advances on previous pay.\n7. State Income Tax - Some stated have an income tax. If you live and/or work in a state that does, then this amount will be deducted as well.\n.
\nIf you have deductions that you do not understand or do not think you have agreed to, then you should consult with your supervisor as soon as possible.\n.
\nHope this helps.

Answer FICA contributions, including various sub (categories of things like SS, Disability, Health, etc) are 15.30% of FICA wages. What is considered FICA wages differ …from other wage considerations in many ways, (it has a top limit of about 108K, how pension contributions factored, State taxes, premium pay, etc. may be included or not, differently than what is considered taxable income for example). If you are an employee, the employer MUST pay half of the contribution. If your self - employed, the amount normally paid by the employer is collected through something called the "self employment tax" when you file your income tax return.

You did not say whether the amount deducted is for Peter alone or for family coverage. And the type of policy is important too. On a range of cost Dental HMO is the lowest cos…t as you have to use a dentist in the network, Dental PPO is mid-range and Dental Indemnity is the highest cost. If $55 is for individual coverage, it is more than the national averages. Check what the limits are; if the annual maximum is more than $1500, it could be the coverage is more expensive than the norm because the limit is higher. If so, Peter might want to check whether a policy with a lower maximum is avaiable. Here is a section of a paper published by the National Association of Dental Plans about the cost of dental benefits. Depending on the type of dental benefit-DHMO, DPPO or Dental Indemnity, usually an employee's premium is about the cost of having dinner out once a month-ranging from $16.10 to $32.90 monthly or $193 to $395 on an annual basis in 2007. Even at the high end of that range-dental benefits cost annually what medical premiums cost an individual on a monthly basis. Estimated annual dental premiums for 2007 are outlined below as national averages for typical group coverage with an annual maximum under $1500: Employee Only (including orthodontia): DHMO -- $16.10 a month--$193 annually DPPO -- $29.42 a month--$353 annually Indemnity --$32.90 a month--$395 annually Employee only (without orthodontia): DHMO -- $15.60 a month--$187 annually DPPO -- $28.93 a month--$347 annually Indemnity --$32.04 a month--$385 annually Employee & Family (including orthodontia)http://wiki.answers.com/Q/Special:Wysiwyg?tid=wysiwyg#_ftn1: DHMO -- $49.92 a month--$599 annually DPPO -- $94.90 a month--$1139 annually Indemnity --$104.13 a month--$1250 annually ---- http://wiki.answers.com/Q/Special:Wysiwyg?tid=wysiwyg#_ftnref1 Family coverage extends to the insured, spouse and dependents-no matter the number. There are usually separate, lower rates for an insured with a single dependent. So family coverage is usually 3 or more individuals.

No one knows, not even Professor Robinson. Good luck on your tax final. ans Once possibility...when SS that this provides was introduced, the money received wasn't… taxable. That has subsequently changed.

7.65% up to a limit around $100K and the employer pays the same amount on your behalf ans As of the law passed Dec. 2010: The tax is payable on the first $106,800 of earnin…gs. Earning are defined slightly differently for this than what is used for withholding, (or other things). Additionally, a portion of what was a total of 15.3% tax (half employer paid, half employee), is dedicated to Medicare and has no maximum earnings. HOWEVER: Under current law, employees pay a 6.2% Social Security tax on all wages earned up to $106,800 (in 2011) and self-employed individuals pay 12.4% Social Security self-employment taxes on all their self-employment income up to the same threshold. For 2011, the Senate passed 2010 Tax Reform Act gives a two-percentage-point payroll/self-employment tax holiday for employees and self-employeds. As a result, employees will pay only 4.2% Social Security tax on wages and self-employment individuals will pay only 10.4% Social Security self-employment taxes on self-employment income up to the threshold. The maximum savings for 2011 will be $2,136 (2% of $106,800).

How much federal tax is deducted is determined by how many withholding allowances you select on Form W-4. Ask your employer's HR or payroll department for a Form W-4, fill it …out, and return it to them. How do you select the number of allowances? There are many calculators on the net that are designed to help you. The IRS has a calculator here: http://www.irs.gov/individuals/article/0,,id=96196,00.html Your state may have a similar form for state income taxes. After you choose the number of withholding allowances, you can see how much tax will be deducted from each paycheck by using the following calculator: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp Do a "sanity check" on the amounts that are subtracted from your (and your spouse's if filing jointly) paychecks and make sure the amounts are roughly what you expect to owe in taxes at the end of the year. You should end up neither getting a refund nor owing the government more than $1000. If you are getting a refund, you can have a little less tax deducted by increasing the number of withholding allowances. If you are paying too much at the end of the year, you can have a little more tax deducted by decreasing the number of withholding allowances.

A deduction is made "pre-tax" if it avoids at least one form of taxation. Although contributions to "traditional" versions of 401(k) and 403(b) retirement plans, as well a…s 457 plans, are "pre-tax" deductions for purposes of Federal income tax, they ARE subject to FICA withholding. In contrast, Section 125 ("Cafeteria Plan") healthcare premiums are deducted before FICA liability is calculated.

FICA taxes, which include Social Security and Medicare taxes, are withheld from earnings in most cases. They are not deductible on a federal tax return. You will only see some… of that money again when you collect Social Security or Medicare.

The specific amount withheld should be shown on your payment stub or direct deposit receipt, and is labeled FICA. A total of 7.65% of your pre-tax income (6.2% for Social Se…curity and 1.45% for Medicare Hospital benefits) is withheld from each paycheck until you reach the current earnings cap of $106,800. There is no earnings cap for the 1.45% Medicare Hospitalization contribution, so that continues to be withheld regardless of your income. Your employer pays a matching amount from company funds, bringing the total contribution on your behalf to 15.3% of the first $106,800 of salary. If you earn less than the maximum, you can easily calculate your total annual contribution by multilplying your base salary x .0765. For example: A person who earns $35,000 in 2010 will contribute $2,677.50 toward future retirement benefits, and his or her company would match that contribution for a total of $5,355.

The required amounts are calculated on your gross earning for each pay period and withheld at that time before your net take home paycheck is issued to you. Your employer is r…equired to withhold the required amounts for FICA, (social security and medicare tax), (OASDI) old age survivors and disability insurance) payments from your gross wages, salary, earnings for each pay period. If you only paid once a month then the amounts would be withheld each month.

Whatever the amount set by the support order. The maximum amount is 50% of the obligated parent's disposable income. Please note: There must be a standing order of chi…ld support before the employer can implement a garnishment. However, no judgment writ is needed for garnisment pertaining to arrearages.